MANILA, Philippines
– The Department of Trade and Industry said the country’s retirement industry
roadmap is nearing completion, pushing its bid to put the Philippines firmly on
the global list as a top retirement destination.

The Board
of Investments (BOI) said the roadmap, crafted by stakeholders in the
retirement industry and other government agencies, would be finalized
within the first half of the year.

The
roadmap outlines the course of action needed for the industry to be more
globally competitive, the BOI said.

“With
our compassionate and competent pool of healthcare professionals and
world-class wellness facilities, the Philippines is fast becoming an attractive
country for foreign and Filipino retirees from around the world,” BOI managing
head Ceferino Rodolfo said.

According
to the BOI, the retirement industry has made considerable contributions to the
economy as reflected in revenues from visa deposits of Special Resident
Retiree’s Visa (SRRV) holders.

The BOI
said total visa deposits of SRRV holders as of end-2014 amounted to $452
million or about P19 billion.

“Although
not yet comprehensively documented, significant economic contributions are
known to also come from local retirees and pensioners from the Government
Service Insurance System and Social Security System (of about 1.3 million
individuals combined), Philippine Veterans Affairs Office, and the Retirement
and Separation Benefits System for the uniformed services,” the BOI said.

The Global
Retirement Index 2016 of International Living Magazine ranked the Philippines
17th out of the 23 best countries to retire in.

The
annual index bases its rating on a number of factors, namely, real estate
costs, special benefits for retirees, cost of living, leisure amenities,
healthcare services, infrastructure and climate.